In relation to the deal, Highlander Partners said it had created a new entity where the asset will be held and that will continue to license to chocolate maker Hershey under the same terms and conditions.

The acquisition includes leading brands such as Jolly Rancher, Payday, Zero, Chuckles, Good & Plenty, Whoppers, Heath, Sixlets and Good & Fruits.

Alex Guiva, a partner at Highlander Partners, commented: “These are exceptional brands that are well known to everyone since childhood. Everyone has a favorite! Many generations grew up loving their taste and will continue to enjoy them. We are proud and excited to be involved with these iconic brands and view them as a great investment that uniquely fits Highlander’s long-term investment strategy”.

The acquisition is Highland Partners’ third in the confectionery sector in the las two years. Jeff L Hill, managing partner at Highland Partners, said: “We remain fully committed to this category and we also have a strong focus on investing in the food and beverage categories […]”.